If enacted, HJM4 could significantly enhance state policies related to environmental protection and climate action. By facilitating a state-sponsored study on DAC technology, the resolution sets the stage for potential statutory and regulatory changes that would create a conducive environment for the direct air capture industry in New Mexico. This could lead to increased investment in the sector, creation of jobs, and consequently, economic growth while addressing the pressing climate challenges facing the state and the planet.
Summary
House Joint Memorial 4 (HJM4) introduces a resolution requesting the New Mexico Institute of Mining and Technology to assess the benefits and costs associated with direct air capture (DAC) technology. The bill highlights the essential role that DAC technology can play in mitigating the effects of climate change by removing carbon dioxide from the atmosphere, thus contributing to efforts aimed at achieving net-zero and net-negative greenhouse gas emissions. Recognizing the urgency of the climate crisis, the bill seeks to ensure that New Mexico leverages its unique geological and climatic conditions to promote innovation in this emerging field.
Contention
Discussions around HJM4 are likely to highlight various points of contention including the balance between economic development and environmental responsibilities. Proponents argue that investing in direct air capture technology aligns with New Mexico's broader commitments to combating climate change and represents an opportunity for economic diversification. Conversely, critics may raise concerns about the feasibility and effectiveness of such technology, particularly regarding its scalability and the allocation of public funds for research and industry support. These debates will become pivotal as the bill moves forward, impacting its reception among lawmakers and stakeholders.